NFP Report, Eurozone Inflation Under The Microscope As Markets Wobble
XM Group | Aug 26, 2022 09:30AM ET
Will the August NFP change anything for the dollar?
The August payrolls report will headline another data-packed week in the United States as it will be one of the last pieces of the puzzle for the Federal Reserve before it meets in September. But before the all-important jobs numbers, there’s a raft of other releases to get through.
Kicking things off on Tuesday are the S&P CoreLogic Case-Shiller Home Price index and the Conference Board consumer confidence index. On Wednesday, the Chicago PMI and the ADP employment report will be in focus, while on Thursday, the ISM manufacturing PMI will be closely watched following the further deterioration observed in the sector in S&P Global’s equivalent index.
As for Friday, after last month’s unexpectedly hot print of 528k jobs, a somewhat softer report is anticipated in August, with analysts projecting a figure of 290k.
GDP numbers out on Wednesday will probably confirm that this trend was maintained in the second quarter.
In Australia, Q2 construction and capital expenditure estimates are due on Wednesday and Thursday, respectively, but the highlight for aussie traders will likely be the August PMIs out of China. The government’s own manufacturing PMI is released on Wednesday and the Caixin one will follow on Thursday.
Concerns that China’s economy is stuttering have been weighing on risk-sensitive currencies, as well as on broader risk assets. However, even if the PMIs disappoint, the hit to sentiment might be limited this time following the announcement this week of additional stimulus measures by Beijing, which went some way in relieving the anxiety.
Meanwhile in New Zealand, investors will want to see whether business confidence, which had slumped to the lowest since the onset of the pandemic in June, bounced back further in August when the ANZ business outlook survey is published on Wednesday.
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